The following transactions pertain to Star Training for December 2016

1. Edcel, the owner, established the business when it acquired 75,000 cash from his retirement benefits.

2. Paid business licenses, 8,000.

3. Paid rent for office rent for 6 months, 24,000.

4. Purchased office equipment, 50,000 ; scrap value 10,000 ; estimated useful life 5 years.

5. Paid advertising for 12 months, 18,000

6. Purchased 5,000 worth of supplies on account.

7. Received 60,000 cash in advance for services to be provided over twelve months.

8. Paid accounts payable, 2,000.

9. Billed customers for services rendered 45,000.

10. Accepted a new contract and finished on time. Received 40,000 cash and 60,000 on account

11. Paid 15-day salaries 15,000.

12. Collected 1/3 of transaction No. 6.

13. Paid business tax 4,000.

14. Withdrew cash, 30,000.

15. Adjusted the following:

a. Supplies on hand 3,000.

b. Accrued 15-day salaries

c. One month rent expense, depreciation expense, and advertising.

Make the following:

1. Cash Flow Statement

2. Prepare Closing Entries

3. Prepare the Trial Balance after Closing Entries